A U.S. regulator’s lawsuit against Jon Corzine could make him the first former leader of Goldman Sachs Group Inc. to be banned from trading, the industry he returned to after serving as a New Jersey senator and governor.

Jon S. Corzine, the former New Jersey Governor and Goldman Sachs Group Inc. co-chairman, probably will be sued by the Commodity Futures Trading Commission for his role in the collapse of MF Global Holdings Ltd.

Top executives of the two largest U.S. derivatives exchanges say regulators must take further steps to align Dodd-Frank Act rules with those of foreign counterparts to avoid oversight splits that could harm markets.

Jon Corzine, the former head of bankrupt broker MF Global Holdings Ltd., was sued by the holding company’s trustee, Louis J. Freeh, for failing in his duty to oversee the company and causing the eighth-biggest bankruptcy in U.S. history.

Former MF Global Inc. broker Evan Brent Dooley was sentenced to 5 years in prison for making unlawful unauthorized trades that caused the now-defunct futures firm to lose more than $141 million in 2008.